A food product containing high affinity phosphate binders (calcium and magnesium) for the purpose of chelating phosphate forms ingested foods and preventing its absorption. The chelation of phosphate in the intestine is an important part of the management of patients with moderate to severe renal failure including those in the predialysis and the dialysis dependent stages. The medicinal food product is a palatable source of calcium and magnesium which if taken without meals can be used as means to supplement those ions/salts. This concept of “food as medicine” represents a major reinforcement in the prevention and management of the derangements of divalent ion metabolism present at all levels of renal insufficiency. Limiting the gastrointestinal absorption of phosphate and consequently preventing the elevation of plasma phosphate, retards the onset of renal osteodystrophy (a Metabolic Bone Disease) and soft tissue calcification.